Interest rate

robertbarnes62 · Jan 18, 2015

What is considered a "good", "normal/ok" and "bad" interest rate when financing a used truck?

jjtdrv4u · Jan 18, 2015

robertbarnes62 said:
What is considered a "good", "normal/ok" and "bad" interest rate when financing a used truck?

that all depends on your credit, and who your finance company or bank is, it could range from 3 to 30 per cent.

robertbarnes62 · Jan 18, 2015

jjtdrv4u said:
that all depends on your credit, and who your finance company or bank is, it could range from 3 to 30 per cent.

wow, I didn't know it would range all the way up to 30%. I knew the credit score would play a major role.

Thanks for your input on this.

jjtdrv4u · Jan 18, 2015

it also would be effected by how much you put in as down payment or trade.

robertbarnes62 · Jan 18, 2015

jjtdrv4u said:
it also would be effected by how much you put in as down payment or trade.

oh ok. So a bigger down payment may lead to a smaller interest rate. That is good info to know. What kind of down payment is typically used? 10% is what I was thinking.

Dynamite 1 · Jan 18, 2015

We pay 5% a year on the balance on our lines of credit. Borrow 30k pay 1500 in interest for a year. If balance is 15k At the start of the next year the interest is 750. They also prorate for early payoff.

robertbarnes62 · Jan 18, 2015

Dynamite 1 said:
We pay 5% a year on the balance on our lines of credit. Borrow 30k pay 1500 in interest for a year. If balance is 15k At the start of the next year the interest is 750. They also prorate for early payoff.

oh ok. Thanks for sharing.